UK Parliament Launches Formal Inquiry
British lawmakers are launching a formal investigation into the “most difficult” questions the FinCEN Files have asked, a global financial investigation according to documents shared by BuzzFeed News shared with the International Consortium of Investigative Journalists.
The study showed how Western bank giants move $ 1 billion into suspicious transactions, enriching themselves and their partners in initiating terrorist, politically motivated drug lords.
The letters contained numerous revelations about Britain’s financial system and some of its major banks, including HSBC, Standard Chartered, and Barclays. Money launderers often use British companies to move their money because of corporate governance laws. The UK crisis is so severe that a US government secret report has said the country is “too strong” in terms of inflation.
Parliamentary Finance Committee announced the inquiry shortly after midnight on Friday.
Mel Stride, chairman of the committee’s executive committee, said the inquiry reviewed the actions of government officials and law enforcement officials in preventing money laundering.
“It is important that the right institutions are properly monitored and monitored to ensure that the UK is a clean place to do business,” he wrote in a statement. Questions from the British Parliament gain evidence through written and oral submissions, much of which is presented in public, before the final report.
After a study of the FinCEN Files began to be unveiled in September, Stride announced that his findings were “extremely complex” and sent out a number of questions about government agencies. Stride released the results released by the agencies Thursday.
The Financial Conduct Authority, which oversees operating banks in the UK, has written to all banks listed in the FinCEN Files to request more information, and has said it is “suspected of wrongdoing,” to open its investigation.
James Brokenshire, the state security minister, wrote in a Stride response that the Office and the National Economic Crime Center are “carefully considering the claims” contained in the FinCEN Files to “see what needs to be done.”
The FinCEN Files investigation was compiled by thousands of “suspicious reports” sent by banks to the Financial Crimes Enforcing Network, a US state-owned company charged with money laundering.
Responding to questions about whether FinCEN Files have caused banks to file fewer SARs, Brokenshire said law enforcement officials “did not mention anything” in providing suspicious reports. The following week of release, “SARs continued to be sent at, or above, at their normal level.”